0001104659-26-027342
SEC filingAC Immune SA, a clinical-stage biopharmaceutical company, reported total revenue of $3.6M for FY 2025, down from $27.3M in FY 2024, primarily due to the absence of milestone payments from Janssen ($24.6M in 2024) and Takeda ($2.7M in 2024). Contract revenue from the Takeda agreement contributed $3.6M in 2025. Operating loss widened to $69.3M from $52.4M, driven by $56.4M R&D expenses (down from $62.6M) and $16.1M G&A (down from $17.3M). Net loss increased to $70.4M from $50.9M, with basic and diluted EPS at -$1 for both years. Balance sheet shows total assets of $154.3M, including $26.8M cash and $64.6M short-term financial assets (liquidity $91.4M, sufficient until Q3 2027). Shareholders' equity declined to $44.9M from $112.3M. Cash used in operations was $69.3M, offset by $63.5M from investing. Restructuring expenses of $0.5M reflect cost reductions. Forward-looking, focus on active immunotherapies (ACI-24.060, ACI-35.030, ACI-7104.056) and NLRP3 inhibitor ACI-19764, with partnerships providing milestones and royalties.
AC Immune SA reported FY 2025 revenue of $3.6M, a sharp 87% decline from $27.3M in 2024, driven by one-time milestone payments in the prior year from Janssen ($24.6M) and Takeda ($2.7M). Operating loss expanded 32% to $69.3M, with R&D expenses at $56.4M (down 10% YoY) reflecting restructuring and program prioritization. Net loss reached $70.4M (vs $50.9M), with EPS stable at -$1. Total assets fell to $154.3M from $230.9M, equity to $44.9M from $112.3M. Cash and equivalents $26.8M, short-term assets $64.6M provide $91.4M liquidity until Q3 2027.
All revenue classified as contract revenue. 2025: $3.6M solely from Takeda development/CMC/regulatory services. 2024: Janssen milestone $24.6M (ReTain trial prescreening), Takeda $2.7M. 2023: Janssen $14.8M. No product sales; dependent on milestones/royalties from partnerships (Janssen, Takeda, Lilly, Lantheus). Deferred revenue $86.0M (mostly Takeda option) signals potential future recognition.
No gross profit as revenue is contract-based. Operating margin N/A due to losses. R&D 77% of opEx ($56.4M/$72.9M), G&A 22% ($16.1M). Restructuring $0.5M (termination benefits offset by pension curtailment gain). Finance net loss $1.1M from FX ($2.8M loss) despite $1.9M interest income. Tax expense negligible.
Op cash use $69.3M (vs inflow $65.8M 2024 due to milestones). Investing inflow $63.5M (short-term assets maturation). Financing outflow $1.0M (leases). Net cash decline $6.7M. BS: Current assets $96.7M (down from $172.0M), non-current $57.5M stable. Liabilities $109.4M (deferred revenue $86.0M). Equity $44.9M.
Liquidity supports operations to Q3 2027 sans milestones. Priorities: ACI-24.060 (ABATE Phase 1b/2), ACI-35.030 (ReTain Phase 2b), ACI-7104.056 (VacSYn Phase 2), ACI-19764 (Phase 1 H1 2026). Partnerships key for milestones/royalties. Risks: clinical failures, funding needs, restructuring impacts.